The View From Downtown L.A.

July 14, 2008 at 7:45 pm

The most big developers in Los Angeles’ downtown caught unitedly this week for the Cardinal City Association’s tenth yearly look at the existent estate market. Tom Gilmore, who was too soon in renovating previous buildings starting with his Previous Bank District apartments downtown in 1998, proved to arrange the current market in perspective.

When Gilmore foremost led off, he avered the urban core of America’s second gravidest city was “kind of lousy. It wasn’t much of a downtown.” There were 2,300 apartments with an median rent of $1.35 per straight foot per month. Today he alleged there are 8,200 apartments renting for $2.80 per straight foot, “In a market that wasn’t guessed to plump anyplace.” He alleged the number of condos has exploded from 829 to 4,800. Median condo sale prices went from $154,000 to $553,000.

He alleged, condo prices have been coming up down lately, but less indeed downtown than in some other markets. The existent estate industry “is not trading on a stock exchange,” Gilmore supposed. “You have to look at the market over ten years, at the wide trends.”

That’s sure enough the view of Ted Tanner, he of the Anschutz Entertainment Group (AEG). AEG built up the Staples Center, where the Lakers represent, ten years ago and lately opened the Nokia Theater for concerts. Tanner avered the company is progressing a “content campus” over the next two years, with an ESPN broadcast studio and a museum dedicated to the Grammy Awards, which he trusts will take out 400,000 people a year to downtown.

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Tom Cody, developer with the South Group, which has built up condos right crosswise from Staples Center, observed that one his company’s projects betrayed out in seven hours, 191 units, when the market was red-hot in recent 2005. Now he avers, “People aren’t so eager to buy in a pre-sale.” The number of buyers who can give prices of $600 a straight foot for condos is “down dramatically.”

Bill Witte, developer with the Related to Cos., has been proving to stimulate a $2 billion, Frank Gehry-planed mega propose off the ground. Financing has been an issue; as has local opposition to city contributions. Witte, who is based in Orange County, south of Los Angeles, taken down that there are several other striking builders in other parts of the city and state who have major projects conked. “In Orange County, the land of eonian sunshine and money, I have a lot of homebuilder friends on suicide watch,” he supposed.

Mark Tarczynski, of CB Richard Ellis, supposed downtown condo prices had fallen from a peak of $581 per straight foot to $469 of late. Nevertheless, he alleged, for a market with 500,000 people puting to work daily, there are less than 15,000 homes.

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